Captain Fresh expanding its offerings with purchase of Spain tuna giant Frime

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India-based seafood marketplace Captain Fresh has reached an agreement to purchase 100 percent of Barcelona, Spain-based tuna company Frime.

Frime, founded in 1937, specializes in yellowfin tuna products imported from around the world. The company operates several factories in Barcelona processing tuna into different products with a specialization in loins and slices, Frime President Salvador Ramon told SeafoodSource during the 2024 Seafood Expo Global.

El Economista reported the company has a turnover of EUR 180 million (USD 211 million) and produces 15,000 metric tons (MT) of tuna each year from its facilities.

Antarctica Advisors Managing Partner Ignacio Kleiman told SeafoodSource his firm was the exclusive sell side adviser to Frime and that the company was looking to capitalize on its recent post-Covid success and continue its expansion trajectory.

“The company went through a very strong growth phase,” Kleiman said. “Essentially, they realized there was a good opportunity to join a stronger group because these days, larger is better – particularly because they wanted to expand further outside Spain.”

Captain Fresh’s acquisition of Frime gives it an avenue into the tuna market, and in turn, Frime can capitalize on the market access Captain Fresh has built in the U.S.

Kleiman said Captain Fresh found like-minded management when it met with Frime. Frime’s management has focused on new technology and modern processing equipment and runs one of the most advanced tuna-processing facilities in the world in Barcelona.

“They [Captain Fresh] met the people at Frime, and they were extremely impressed by the company’s culture; both shareholders and managers are very progressive and outward looking,” Kleiman said.

Ramon told SeafoodSource in 2024 that he was aiming to put lots of money into new technology, including a “white room” that allowed it to be a provider of raw tuna products.

“We have a lab in the room [where] we can analyze something like 100 samples of histamines every 20 minutes. That means we have very high quality controls,” he said at the time. “We can guarantee to the final customer that you can eat this raw. That is a big innovation.”

Kleiman said the acquisition is 100 percent from an economic point of view, but Frime will remain a relatively independent entity.

“All of the management is staying put because they’re going to integrate with Captain Fresh’s operations all over the world, and the majority shareholder is staying put as well because he believes in the project and likes the Captain Fresh people,” Kleiman said. “The deal is struck, and it is now in antitrust approvals in Spain, which we expect will happen shortly.”

The move to acquire Frime follows other acquisitions Captain Fresh has made in the seafood space.

It acquired Central Seaway Company (CenSea) in early 2024, giving it access to one of the largest shrimp importers in the U.S. It later acquired Polish salmon smoker Koral in July 2024, making its first foray into the salmon market.

 

SOURCE: seafoodsource.com

India’s Captain Fresh inks deal to buy Spanish tuna processor

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The acquisition will allow the Spanish tuna supplier to strengthen its financial position and scale by integrating into Captain Fresh’s global platform.

Indian multinational Infifresh Foodtech, which trades as Captain Fresh, has agreed to acquire a €180 million turnover tuna processor based in Spain, sources told Undercurrent News.

The deal for Barcelona-based Frime has been agreed upon but remains subject to regulatory approval and customary closing conditions, according to sources.

The acquisition will enable Frime to strengthen its financial position and scale by integrating into Captain Fresh’s global platform of seafood processing and distribution companies, as reported by El Economista and confirmed by Undercurrent sources.

Family-owned Frime, which specializes in tuna fillets and portions, reported revenues of €180m (around $ 211m) in 2024 and employs around 500 people. It operates production facilities totaling 21,000 square meters, with processing capacity of 15,000 metric tons of frozen tuna and 3,800t of cephalopods annually. Frime serves customers in more than 30 countries across Europe, the Americas and other international markets.

Utham Gowda, CEO and founder of Captain Fresh, declined to comment to Undercurrent. Executives with Frime could not be reached for comment.

Antartica Advisors was the advisor on the sell side in the transaction, according to Undercurrent sources. Executives with Antartica Advisors also did not reply to a request for comment.

Captain Fresh has built an international portfolio in recent years, including investments in Central Seaway Company (CenSea) and Ocean Garden in the US, Senecrus in France, Koral in Poland and Chopserve, which sells fresh fish in markets such as Angola, India and the United Arab Emirates.

The company has also inked a salmon processing joint venture with Norway’s Sekkingstad, which includes the latter’s Skagerak Processing plant, based in Hirtshals, Denmark.

Captain Fresh swung from a loss to a profit for the 2025 financial year, as it prepares for an initial public offering in 2026, Undercurrent reported.

Frime executives told Undercurrent earlier this year that the aim is to increase its revenue by 15% year-on-year to €200m in 2025 and to reach €250m by 2028.

To achieve this growth, its strategic plan includes expanding its full range across the US and promoting its new raw product line in various markets, they said. Through CenSea and Ocean Garden, Captain Fresh already has a strong distribution network in the US.

“Frime continues to expand in strategic markets such as the US and Europe, strengthening its presence in the food service and retail channels. Its strategic plan through 2028 focuses on attracting talent, growing core sales (high value-added products) and optimizing the use of data, which has led to a reduction in operating costs and improved margins,” Frime executives told Undercurrent earlier this year.

In the US, Frime has had a partnership with Chile’s Compañía Pesquera Camanchaca since 2023. This partnership aims to expand Frime’s tuna sales in North America through Camanchaca’s established brand and sales network.

Following the inauguration of new facilities in La Roca del Valles in 2022 and Mercabarna in 2023 (both in Spain), Frime is currently operating at 60% of its processing capacity, according to the firm.

The company now plans to expand its offerings of value-added products both domestically and internationally, targeting key markets such as Italy, Portugal, the Netherlands, Germany, and the US, which collectively account for 60% of its sales.

In 2024, Frime launched a new range of ready-to-eat tuna products. The new product line features marinated, non-smoked tuna suitable for raw consumption, available in various formats, including loin, chunk, tartare, and carpaccio.

In March 2024, Frime successfully negotiated a debt refinancing agreement worth €72m with a consortium of banks, including credit lines, which later received judicial approval.

Last year, the firm bounced back from losses and aims to further strengthen its profitability this year, as it told Undercurrent earlier this year. For 2024, the Spanish firm’s turnover remained stable y-o-y, but it achieved a net profit of approximately €500,000, according to chief financial officer, Lluis Coll.

 

SOURCE: Undercurrent News

Antarctica Advisors Acts as Exclusive Investment Banking Advisor to United States Seafoods in its Balance Sheet Restructuring

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December 12, 2025 – Antarctica Advisors LLC, the leading Seafood Industry-focused investment banking advisory firm, acted as the exclusive advisor to the well-established Alaskan multispecies groundfish fishing and processing company USS Group, L.P. who together with its affiliates does business as United States Seafoods (“U.S. Seafoods”).
Based in Seattle, WA, U.S. Seafoods was established in 1998 and has since grown into a premier multispecies harvester and producer of Alaskan groundfish. With access to over 100,000 metric tons of available quota rights, U.S. Seafoods holds one of the largest portfolios of multi-species groundfish trawl permits in the Alaskan fishery. Having endured a perfect storm of events — including the 2019 U.S.–China tariffs, the COVID-19 pandemic, and subsequent labor market challenges — the company engaged Antarctica Advisors to assist with the restructuring of its balance-sheet in order to boost cash flow and enhance flexibility. Antarctica Advisors worked to articulate management’s turnaround plan through detailed financial modeling and then engaged the capital markets in discussions centered around the significant value of the company’s assets, resulting in a long-term refinancing solution.

Matthew Doherty, President and Chief Executive Officer of U.S. Seafoods commented: “The refinancing strengthened our balance sheet with long-term debt that provides us the ability to reinvest a greater portion of our cash flow into our operational capabilities. Antarctica Advisors played a key role in helping potential investors and lenders to understand the considerable asset value of our fishing quota and fleet which was key to securing the refinancing.”

C.J. Arrigo, Director at Antarctica Advisors, commented: “U.S. Seafood’s position in the multi-species groundfish sector is unique in that it fishes in a wide variety of the regulated Alaskan fisheries. Its sizable quota portfolio is valuable in that it provided operational flexibility beyond many of its peers. Articulating this story to the market helped open a new chapter for this storied company and keeps it independently owned, by the fishermen who founded it.”

U.S. Seafoods operates an integrated trawl vessel fleet that includes 2 catcher processor vessels, and 4 catcher vessels, representing the largest limited access catcher vessel fleet in the Bering Sea and Aleutian Islands. Antarctica Advisors is the leading U.S.-based, independent investment banking firm providing corporate clients in the global Seafood Industry with specialized M&A, strategic advisory, and capital raising services. The firm’s highly specialized Seafood Team is comprised of professionals with significant knowledge across the Seafood Industry, as well
as a proven track record of successful transaction execution.

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Antarctica Advisors LLC is a licensed broker-dealer, member of FINRA and SIPC.

For further information contact Charles Arrigo, Antarctica Advisors LLC, Carrigo@antarcticallc.com or visit www.AntarcticaLLC.com